Finance minister pledges to create favorable biz environment amid challenges

Korea is committed to establishing a conducive environment for businesses to contribute to economic growth, despite facing structural challenges, Finance Minister Lee Hyoung-il stated on Wednesday. During a meeting with leaders from Korea's six major business associations, including SK Group Chairman Chey Tae-won, who leads the Korea Chamber of Commerce and Industry (KCCI), Lee shared insights into the current economic landscape.

The Korean economy has experienced a surge in growth momentum, primarily propelled by the surge in the global semiconductor industry, Lee noted in his opening remarks. However, he highlighted that structural challenges like an aging population and stagnant productivity have dampened growth potential. Additionally, disparities among different sectors have become more pronounced, particularly as people face mounting pressures from rising consumer prices.

Lee emphasized that the government will actively engage with businesses and collaborate with the private sector to ensure that policies yield tangible results. He stated, "If businesses continue to identify the hurdles they face and provide recommendations to the government, we will address them with utmost priority."